Key information:
· BTC holders will soon be able to stake Bitcoin through Babylon's staking protocol.
· Lombard co-founder stated: The team is building a future where BTC holders can participate in on-chain finance without sacrificing security or liquidity.
· Cubist's ecosystem development head stated: We are building the infrastructure to bring BTC into the Sui ecosystem, allowing users from all blockchain ecosystems to join Sui, participating in a decentralized ecosystem where BTC plays a significant role.
· NAVI expresses interest in collaborating with Babylon to support LBTC pools in its protocol.
Sui Foundation has announced a partnership with Babylon Labs, Lombard, and Cubist to integrate BTC with the Layer1 blockchain and smart contract platform Sui, bringing Bitcoin liquidity into the Sui ecosystem.
As the largest liquid staking provider on Babylon, LBTC is Lombard's flagship product, and in the future, LBTC will further drive the development of the Sui ecosystem DeFi system as a staking asset, while this collaboration is expected to attract BTC holders to engage more through LBTC in the Sui ecosystem.
Unlocking $1.8 trillion liquidity for the Sui ecosystem with Bitcoin.
Through this collaboration, Bitcoin holders will be able to stake BTC in Babylon's staking protocol and receive native LBTC minted on Sui before December. LBTC will become the core asset of the Sui DeFi ecosystem, enabling BTCFi lending and trading, unlocking $1.8 trillion of liquidity from the Bitcoin ecosystem for Sui.
Regarding this collaboration, Babylon Labs co-founder and CTO Fisher Yu stated in an article published in International Business Times, "Babylon is committed to building native use cases for BTC, bringing Bitcoin's security and liquidity into decentralized systems. We are very pleased that Sui joins this vision and works hand in hand with us and our partners to achieve this goal."
Lombard is committed to unlocking Bitcoin's potential as a dynamic financial tool by connecting Bitcoin with DeFi. As Lombard's flagship product, LBTC is pegged to BTC 1:1 and is a yield-bearing, cross-chain, highly liquid Bitcoin. Currently, the minted assets of LBTC tokens exceed $1 billion, with more than half of LBTC active in DeFi applications. The impressive on-chain data shows that LBTC has withstood the market's test while showcasing the strong liquidity of BTC in the Ethereum ecosystem.
Through this collaboration, Lombard's proven model will be introduced into the Sui ecosystem. Lombard co-founder Jacob Phillips stated, "Bitcoin's $1.8 trillion market cap represents a tremendous untapped potential. We are committed to building a future together where Bitcoin holders can fully participate in the next generation of on-chain finance without worrying about security or liquidity."
On the other hand, Cubist is building the infrastructure to bring BTC into the Sui ecosystem. Cubist is a developer tools and infrastructure company that brings modern software engineering practices and top-notch security to web3 builders. In this collaboration, Cubist will provide the highest levels of security and performance for key management to support efficient deposits, minting, staking, and bridging.
Regarding this collaboration, Sui Foundation's ecosystem development head Jameel Khalfan stated, "Bringing BTC into Sui is a match made in heaven. Thanks to the collaboration with Babylon, Lombard, and Cubist, users from all blockchain ecosystems can join Sui and participate in a thriving financial services ecosystem, where Bitcoin will play an important role."
Empowering the future development of Sui ecosystem DeFi.
In the Sui DeFi ecosystem, more and more people are starting to focus on how to leverage the power of BTC in the Sui ecosystem. As one of the leading lending protocols on Sui, NAVI has expressed plans to collaborate with Lombard to support LBTC pools in its protocol.
NAVI CEO Elliscope Fang stated, "As the largest liquid staking issuer of Bitcoin, the latest collaboration between Lombard and Cubist will usher in a new revolutionary era for Sui and Bitcoin. NAVI is very pleased to collaborate with Babylon Labs, Lombard, and Cubist teams to bring Bitcoin staking value to Sui DeFi users."
One of Sui's major advantages is its strong programmability and composability, with the vision of "becoming the primary foundational coordination layer for all digital assets."
Sui's programmability addresses Bitcoin's limitations in on-chain programmability. Additionally, Sui has horizontally scalable data processing and storage capabilities, enabling unparalleled speed to support large-scale application operations, allowing everyone to obtain digital asset ownership at a low cost.
This article is from submissions and does not represent BlockBeats' views.
